Here are the 10-K annual reports from Palo Alto Networks, Inc. (PANW) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow PANW and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full PANW filings page.
Palo Alto Networks, Inc. (PANW) reports strong top-line growth for the year ended July 31, 2026, with revenue of $11.5 billion, up 24% from 2025, driven by broader adoption of its AI-centric cybersecurity platforms and recent acquisitions. Subscription and support revenue rose to $9.2 billion, 80.1% of total revenue, underscoring the shift toward recurring, next‑generation security offerings. Next-Generation Security ARR grew to $9.1 billion from $5.6 billion.
Despite this growth, profitability weakened: gross margin declined to 70.4%, operating margin fell to 6.1%, and net income dropped to $307 million from $1.1 billion, pressured by higher cloud hosting, acquisition-related amortization, headcount growth, and fair-value changes on assumed convertible notes and capped calls. Free cash flow remained robust at $4.1 billion, and cash, cash equivalents, and investments totaled $7.9 billion against a $1.1 billion remaining 2030 convertible note balance and a working capital deficit of $1.3 billion.